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ST华发A: 2008年第一季度报告英文版（修订稿）
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The First Quarterly Report for 2008
Shenzhen Zhongheng Huafa Co., Ltd.
The First Quarterly Report for 2008
§1 Important Notes
1.1 Board of Directors and the Supervisory Committee of Shenzhen Zhongheng Huafa Co., Ltd.
(hereinafter referred to as the Company) and its directors, supervisors and senior executives hereby
confirm that there are no any fictitious statements, misleading statements, or important omissions
carried in this report, and shall take all responsibilities, individual and/or joint, for the reality,
accuracy and completion of the whole contents.
1.2 No directors, supervisors and senior executives stated any objection for the correctness,
accuracy and completeness of the contents of this report.
1.3 All directors attended the Board meeting.
1.4 The first quarterly financial report of 2008 has not been audited.
1.5 Person in Charge of the Company Mr. Li Zhongqiu, Person in charge of Financal Works Mr.
Shi Cheng, and Person in Charge of Finance Organ Mr. Zhang Zhiyong hereby confirm that the
Financial Report of the First Quarterly Report is true and complete.
§2 Company Profile
2.1 Main Accounting Highlights and Financial Indexes:
Unit: RMB
At the end of the report At the period-end of last
Increase/decrease (%)
period year
Total assets 364,173,370.06 373,957,038.94 -2.62
Owners’ equity (or Shareholders’
243,723,807.65 242,200,200.60 0.63
equity)
Net assets per share 0.86 0.86 0.00
This period Same period of last year Increase or decrease (%)
Net profit 1,523,607.05 118,919.63 1,181.21
Net cash flow arising from
11,291,901.85 243,191.60 4,543.21
operating activities
Net cash flow arising from
0.04 0.00086 4,551.16
operating activities per share
Basic earnings per share 0.00513 0.00042 1,121.43
Diluted earnings per share 0.00513 0.00042 1,121.43
Return on equity 0.63% 0.05% Increased 0.58 percentage
points
Return on equity after deducting
the non-recurring losses and 0.14% -0.39% Increased 0.53 percentage
points
gains
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The First Quarterly Report for 2008
Items of non-recurring gains and losses
Unit: RMB
Items of non-recurring gains and losses Amount in year-begin to the end of report period
Net lease income of the transferred the
949491.00
property right of Huafa Yard
Other 234,908.79
Total 1,184,399.79
2.2 Total number of shareholders in the end of the report period and shares held by the top ten
shareholders with unrestricted conditions
Unit: Share
Total number of shareholders 24,790
Shares held by the top ten shareholders with unrestricted conditions
Full Name of shareholder Amount of unrestricted shares held Type of shares
SEG (HONG KONG) CO., LTD 16,569,560 Domestically listed foreign share
GOOD HOPE CORNER
13,900,000 Domestically listed foreign share
INVESTMENTS LTD
HE HUAN HAO 1,454,300 RMB common share
RENJUN DEVELOPMENT CO., LTD 1,200,000 Domestically listed foreign share
BINGHUA LIU 876,213 Domestically listed foreign share
WU WEI MIN 870,500 RMB common share
LUO YA 756,620 Domestically listed foreign share
LIU LIAO YUAN 734,200 Domestically listed foreign share
FENG ZHI E 693,500 RMB common share
ZHU MING 611,348 Domestically listed foreign share
§3 Significant events
3.1 Particulars about material changes in items of main accounting statement and financial index,
and explanations of reasons
√Applicable □Inapplicable
1. Operation incomes increased 53% compared with the same period of last year, and operation costs
increased 45% compared with the same time of last year, which were mainly because manufacturing
business of liquid crystal display with high sales and costs increased;
2. Sales expenses increased 72% compared with the same period of last year, which was mainly
because manufacturing business of liquid crystal display increased and then transportation costs and
business development costs increased;
3. Administration expenses increased 65% compared with the same period of last year, which was
mainly because operation scope extended, added operation business given by controlling
shareholders, and various cost expense increased correspondingly;
4. Financial expenses increased 81% compared with the same period of last year, which was mainly
because business of liquid crystal display were most export sales, losses from exchange resulted by
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The First Quarterly Report for 2008
RMB appreciation ;
5. Net profits increased 11.8 times compared with the same period of last year, which was mainly
because Baolilong business given by controlling shareholders in first half year was in peak season.
3.2 Analysis and explanation of significant events and their influence and solutions
□Applicable √Inapplicable
3.3 Implementations of commitments by the Company, shareholders and actual controller
√Applicable □Inapplicable
Holding shareholder Wuhan Zhongheng New Science & Technology Industrial Group Co., Ltd.’s
commitments:
1. Promised that the holding non-circulating shares of the Company won’t be traded on the market
within 36 months since they acquired listed trading right, and this commitment is under
implementation.
2. Planed to put related asset of plastic injection business and its owned 70% HSGD equity into
Shenzhen Huafa within 1 year after the accomplishment of the purchased equity ownership transfer.
Wuhan Zhongheng Group did not accomplish the asset injection during the commitment period. At
present, the Group planned to inject the orginal committed two assets in the method of selling asset
and asset subscription on secifically allotted shares from the listed company; and the relevant
procedure was under the process.
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report
period to be loss probably or the warning of its material change compared with the corresponding
period of the last year and explanation of reason
√Applicable □Inapplicable
The first half year is the hot season for its holding shareholder’s beneficence Baolilong business,
which brought new profit rising point. The Company predicted will change the loss trend for its
operation performance from Jan. to June of 2008 compared to the same time of last year.
3.5 Other significant events which need explanations
3.5.1 Particulars about securities investment
□Applicable √Inapplicable
3.5.2 Equity of other listed companies held
□Applicable √Inapplicable
3.5.3 Registration form for receiving research, communication and interview in the report period.
The Company has not received spot research, phone communication and written inquiry from
investors during the report period.
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The First Quarterly Report for 2008
§4 Appendix
4.1 Balance sheet
Prepared by Shenzhen Zhongheng Huafa Co., Ltd. March 31, 2008 Unit: RMB
Amount at period-end Amount at period-begin
Items
Merger Parent Company Merger Parent Company
Current assets:
Monetary funds 16,169,352.86 15,853,743.15 18,308,223.25 17,175,103.18
Notes receivable 970,530.09 970,530.09 3,949,751.05 3,949,751.05
Accounts receivable 38,386,406.14 38,360,883.14 57,501,749.38 57,474,744.38
Accounts paid in
7,085,618.04 7,085,618.04 2,469,127.52 2,469,127.52
advance
Other receivables 12,777,808.24 14,556,169.18 17,885,097.37 20,338,083.04
Inventories 50,822,365.39 50,822,365.39 32,595,773.55 32,595,773.55
Non-current asset due
within one year
Other current assets
Total current assets 126,212,080.76 127,649,308.99 132,709,722.12 134,002,582.72
Non-current assets:
Long-term account
receivable
Long-term equity
investment
Investment property 45,128,814.98 45,128,814.98 45,819,394.37 45,819,394.37
Fixed assets: 183,896,499.32 183,825,521.07 187,238,973.29 187,148,677.44
Construction in progress 746,014.20 746,014.20 1,036,612.52 1,036,612.52
Engineering material
Disposal of fixed asset
Intangible assets 6,447,080.25 6,447,080.25 6,451,549.35 6,451,549.35
Goodwill
Long-term expenses to
1,042,093.26 1,042,093.26
be apportioned
Deferred income tax
700,787.29 700,787.29
asset
Other non-current asset
Total non-current asset 237,961,289.30 237,189,523.76 241,247,316.82 240,456,233.68
Total assets 364,173,370.06 364,838,832.75 373,957,038.94 374,458,816.40
Current liabilities:
Short-term loans 49,200,000.00 49,200,000.00 60,400,000.00 60,400,000.00
Notes payable 2,899,063.90 2,899,063.90 2,812,914.35 2,812,914.35
Accounts payable 47,469,985.80 47,360,136.70 42,777,941.82 42,668,092.72
Accounts received in
598,951.59 598,951.59 666,261.81 655,415.81
advance
Wage payable 823,260.47 830,045.33 1,028,977.77 974,636.79
Taxes payable 933,336.08 915,509.20 1,870,755.16 1,836,152.65
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The First Quarterly Report for 2008
Interest payable
Other accounts payable 18,524,964.57 19,311,318.38 22,199,987.43 22,911,403.48
Long-term liabilities
due within 1 year
Other current liabilities
Total current liabilities 120,449,562.41 121,115,025.10 131,756,838.34 132,258,615.80
Non-current liabilities:
Long-term loans
Bonds payable
Long-term account
payable
Projected liabilities
Deferred income tax
liabilities
Other non-current
liabilities
Total non-current liabilities
Total liabilities 120,449,562.41 121,115,025.10 131,756,838.34 132,258,615.80
Owner’s equity (or
shareholders’ equity):
Paid-in capital (or share
283,161,227.00 283,161,227.00 283,161,227.00 283,161,227.00
capital)
Capital public reserve 106,032,173.92 106,032,173.92 106,032,173.92 106,032,173.92
Less: Inventory shares
Surplus public reserve 77,391,593.25 77,391,593.25 77,391,593.25 77,391,593.25
Retained profit -222,861,186.52 -222,861,186.52 -224,384,793.57 -224,384,793.57
Total owner’s equity
attributable to parent 243,723,807.65 243,723,807.65 242,200,200.60 242,200,200.60
company
Minority interests
Total owner’s equity 243,723,807.65 243,723,807.65 242,200,200.60 242,200,200.60
Total liabilities and owner’s
364,173,370.06 364,838,832.75 373,957,038.94 374,458,816.40
equity
4.2 Profit statement
Prepared by Shenzhen Zhongheng Huafa Co., Ltd. Jan.-Mar., 2008 Unit: RMB
This period Same period of last year
Items
Merger Parent Company Merger
I. Total operating income 42,328,434.23 41,842,186.23 27,647,381.05 27,138,424.05
Including: Operating income 42,328,434.23 41,842,186.23 27,647,381.05 27,138,424.05
II. Total operating cost 42,940,270.50 42,454,270.40 28,534,308.83 28,025,351.83
Including: Operating cost 34,131,325.38 34,131,325.38 23,607,097.31 23,366,978.09
Operating tax and extras 477,565.00 452,280.11 26,444.97
Sales expenses 1,011,006.23 1,011,006.23 587,384.67 587,384.67
Administration
5,041,632.79 4,580,872.02 3,054,532.06 2,811,576.55
expenses
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The First Quarterly Report for 2008
Financial expenses 2,278,741.10 2,278,786.66 1,258,849.82 1,259,412.52
Losses of devaluation of
asset
Add: Changing income
of fair value(Loss is listed
with “-”)
Investment income
(Loss is listed with “-”)
Including: Investment
income on affiliated
company and joint venture
Income from entrusted
951,043.53 951,043.53
operations
Exchange income (Loss
is listed with “-”)
III. Operating profit (Loss
339,207.26 338,959.36 -886,927.78 -886,927.78
is listed with “-”)
Add: Non-operating
1,245,349.09 1,245,349.09 1,066,626.20 1,066,626.20
income
Less: Non-operating
60,949.30 60,701.40 60,778.79 60,778.79
expense
Including: Disposal loss
of non-current asset
IV. Total Profit (Loss is
1,523,607.05 1,523,607.05 118,919.63 118,919.63
listed with “-”)
Less: Income tax
V. Net profit (Net loss is
1,523,607.05 1,523,607.05 118,919.63 118,919.63
listed with “-”)
Net profit attributable to
owner’s equity of parent 1,523,607.05 1,523,607.05 118,919.63 118,919.63
company
Minority shareholders’
gains and losses
VI. Earnings per share
i. Basic earnings per share 0.00513 0.00513 0.00042 0.00042
ii. Diluted earnings per share 0.00513 0.00513 0.00042 0.00042
4.3 Cash flow statement
Prepared by Shenzhen Zhongheng Huafa Co., Ltd. Jan.-Mar., 2008 Unit: RMB
This period Same period of last year
Items
Merger Parent Company Merger Parent Company
I. Cash flows arising from
operating activities:
Cash received from
selling commodities and 63,268,673.33 62,791,789.33 70,712,169.28 70,200,406.28
providing labor services
Write-back of tax
received
Other cash received
concerning operating 1,134,312.25 2,144,025.65 4,906,573.52 4,534,587.69
activities
Subtotal of cash inflow 64,402,985.58 64,935,814.98 75,618,742.80 74,734,993.97
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The First Quarterly Report for 2008
arising from operating
activities
Cash paid for
purchasing commodities and 34,125,751.78 34,125,751.78 59,226,629.12 59,226,629.12
receiving labor service
Cash paid to/for staff
5,259,244.43 5,191,739.57 5,837,464.66 5,700,219.39
and workers
Taxes paid 4,336,818.33 4,292,705.13 1,581,155.04 1,552,227.39
Other cash paid
concerning operating 9,389,269.19 9,216,206.29 8,730,302.38 8,105,780.00
activities
Subtotal of cash outflow
arising from operating 53,111,083.73 52,826,402.77 75,375,551.20 74,584,855.90
activities
Net cash flows arising
11,291,901.85 12,109,412.21 243,191.60 150,138.07
from operating activities
II. Cash flows arising from
investing activities:
Cash received from
recovering investment
Cash received from
investment income
Net cash received from
disposal of fixed, intangible 135,000.00 135,000.00
and other long-term assets
Net cash received from
disposal of subsidiaries and
other units
Other cash received
concerning investing
activities
Subtotal of cash inflow
135,000.00 135,000.00
from investing activities
Cash paid for
purchasing fixed, intangible 54,401.68 54,401.68 917,673.80 917,673.80
and other long-term assets
Cash paid for
investment
Net cash received from
subsidiaries and other units
Other cash paid
concerning investing
activities
Subtotal of cash outflow
54,401.68 54,401.68 917,673.80 917,673.80
from investing activities
Net cash flows arising
80,598.32 80,598.32 -917,673.80 -917,673.80
from investing activities
III. Cash flows arising from
financing activities
Cash received from
absorbing investment
Including: Cash
received from absorbing
minority shareholders’
investment by subsidiaries
Cash received from 10,000,000.00 10,000,000.00
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The First Quarterly Report for 2008
loans
Cash received from
issuing bonds
Other cash received
concerning financing
activities
Subtotal of cash inflow
10,000,000.00 10,000,000.00
from financing activities
Cash paid for settling
11,200,000.00 11,200,000.00 1,500,000.00 1,500,000.00
debts
Cash paid for dividend
and profit distributing or 974,187.08 974,187.08 1,172,795.71 1,172,795.71
interest paying
Including: Dividend and
profit of minority
shareholder paid by
subsidiaries
Other cash paid
concerning financing
activities
Subtotal of cash outflow
12,174,187.08 12,174,187.08 2,672,795.71 2,672,795.71
from financing activities
Net cash flows arising
-12,174,187.08 -12,174,187.08 7,327,204.29 7,327,204.29
from financing activities
IV. Influence on cash due to
-1,337,183.48 -1,337,183.48 -13,619.23 -13,619.23
fluctuation in exchange rate
V. Net increase of cash and
-2,138,870.39 -1,321,360.03 6,639,102.86 6,546,049.33
cash equivalents
Add: Balance of cash
and cash equivalents at the 18,308,223.25 17,175,103.18 19,610,336.01 17,579,528.19
period -begin
VI. Balance of cash and cash
16,169,352.86 15,853,743.15 26,249,438.87 24,125,577.52
equivalents at the period -end
4.4 Auditor’ report
Auditor’s opinions: Un-audited
Chairman: Li Zhongqiu
Board of the Directors of
Shenzhen Zhongheng Huafa Co., Ltd.
April 29, 2008
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